Prime London lettings market sees demand exceed supply post-election

The prime London lettings market has experienced a complete shift this month from a quiet lull before the election to a mass influx of new applicants registering since polling day.

The latest market report from agency W.A. Ellis, part of the JLL Group, indicates that while the mid-term break is normally a quiet period this year the firm has seen a 20% increase in tenancies starting year on year with the seasonal student market in full swing and demand exceeding supply.

However, Lucy Morton, director at the firm, pointed out that when trying to secure accommodation for the start of the school year in September, few landlords will agree to their listing sitting empty until then so it may be necessary for students to wait until July or August before starting their search, or take their chosen listing now in order to secure it.

‘Our market share in super prime continues to rise month by month with huge success in the super prime sector of the London lettings market recently,’ she explained. This included a six bedroom house in Herbert Crescent with a guide price of £8,950 per week and a seven bedroom house in Justice Walk with a guide price of £8,500 per week.

‘This time last year we informed you of Mayor of London Boris Johnson’s launch of the London Rental Standard (LRS). People differ in opinion as to whether this scheme has been a success or not, however, the Mayor’s office has pointed to figures showing 331 lettings agents managing an estimated 121,000 listings have already signed up. We fully support the initiative,’ added Morton.

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Source: Property News Spain